Australia's Sunstone Metals falls on discounted capital raising

Sunstone Metals

14/10/2024 03:47

** Shares of Sunstone Metals  STM.AX  fall as much as 25% to
A$0.006, their biggest intraday pct loss since Sept 9 
    ** The mineral explorer announces share repurchase plan to
raise A$4 mln ($2.69 mln) at an issue price of A$0.005 per share
    ** Says issue price at a discount of 37.5% to stock's last
close of A$0.008 on Oct 11
    ** Says funds will be used for mineral resource estimate in
an El Palmar copper-gold project in Ecuador, among others
    ** Over 22.5 mln shares change hands, 2.9x the 30-day avg of
7.7 mln
    ** Stock has lost 56.7% YTD, including current session's
moves 


    ($1 = 1.4872 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))